The UAE has denied reports that it will be granting golden visas to investors in digital currencies.
In a joint statement issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) have clarified that golden visas are issued according to officially approved frameworks and criteria, and it does not include digital currency investors.
Eligible categories include real estate investors, entrepreneurs, exceptional talents, scientists and specialists, top students and graduates, humanitarian pioneers, and frontline workers.
Last week, The Open Network (TON), previously known as Telegram Open Network, announced on its website that investors can stake $100,000 in TON for three years and pay a US$35,000 processing fee to secure a highly-desirable 10-year UAE Golden Visa.
The announcement created a massive buzz in the field of crypto, and even prompted former Binance CEO, Changpeng ‘CZ’ Zhao to question the legitimacy of TON’s claim.
In an X post, CZ asked: “Is this real? It would be awesome IF it is true. But I got conflicting info so far.
“There are no official gov website with the “stake Ton for golden visa” update.”
UAE denies crypto golden visa claims
VARA denied any claims regarding the issuance of golden visas to investors in virtual assets in Dubai. It strongly urged investors and consumers to deal exclusively with fully licensed and regulated companies when engaging in services and investments related to virtual assets.
VARA clarified that the company TON is neither licensed nor regulated by the authority, and added that companies licensed by it must strictly adhere to the visa procedures outlined by the Government of Dubai and the relevant federal authorities.
The SCA confirmed that digital currency investments are governed by specific regulations and are unrelated to golden visa eligibility. It urged investors to obtain information from credible, official sources to avoid misinformation or fraud.
SCA also reaffirmed its commitment to internationally recognised standards in regulating the financial sector and securities services in the UAE and stated that its procedures are designed to ensure transparency, credibility, and bolster investor confidence both locally and internationally, in line with the UAE’s strategic goals of attracting quality capital and fostering a sustainable investment environment.
The authorities collectively urged the public and investors to exercise caution and refer to official government websites and approved communication channels for accurate information.